Thanks for the response. Actually i am not planning to configure weblogic SIP... as it may need little insight. I just created domain including everything.

Now i have created a new domain with basic functionality with default configuration. Now everything is working fine. I can see the Admin console as well.
But i have stuck up in running the EM console. Below is the CMD prompt trace.

When you say it is stuck, how long does it appear to hang for? SOA managed servers can take a little while to start. If the server is appearing to hang for a long time at startup, then I'd suggest you take a thread dump.

Do you need to create a production ready domain or do you need a developer only one; the later versions of SOA (11.1.1.4 and later) don't need to have a separate managed and admin server.

Thanks Gurus for the response. Its very encouraging for us to learn if we get support like this.
@Kal,
Finally managed server came to running state :) apart from lot many warning messages. But it took more than 30 min or so.
Now i can login to EM console. But unable to see SOA node on left hand side. In the console, soa-infra is showing down. :(

@Tim,
I wanted a basic development server. as you said, I will try to get thread dump. atleast we may get some clue.

at oracle.mds.internal.lcm.deploy.DeployManager.deploy(DeployManager.java:733)
at oracle.mds.internal.lcm.deploy.DeployManager.startDeployment(DeployManager.java:204)
at oracle.mds.internal.lcm.MDSLifecycleListenerImpl.start(MDSLifecycleListenerImpl.java:215)
at oracle.mds.lcm.weblogic.WLLifecycleListener.preStart(WLLifecycleListener.java:77)
at weblogic.application.internal.flow.BaseLifecycleFlow$PreStartAction.run(BaseLifecycleFlow.java:282)
at weblogic.security.acl.internal.AuthenticatedSubject.doAs(AuthenticatedSubject.java:321)
at weblogic.security.service.SecurityManager.runAs(SecurityManager.java:120)
at weblogic.application.internal.flow.BaseLifecycleFlow$LifecycleListenerAction.invoke(BaseLifecycleFlow.java:199)
at weblogic.application.internal.flow.BaseLifecycleFlow.preStart(BaseLifecycleFlow.java:62)
at weblogic.application.internal.flow.HeadLifecycleFlow.prepare(HeadLifecycleFlow.java:283)
at weblogic.application.internal.BaseDeployment$1.next(BaseDeployment.java:613)
at weblogic.application.utils.StateMachineDriver.nextState(StateMachineDriver.java:52)
at weblogic.application.internal.BaseDeployment.prepare(BaseDeployment.java:184)
at weblogic.application.internal.EarDeployment.prepare(EarDeployment.java:58)
at weblogic.application.internal.DeploymentStateChecker.prepare(DeploymentStateChecker.java:154)
at weblogic.deploy.internal.targetserver.AppContainerInvoker.prepare(AppContainerInvoker.java:60)
at weblogic.deploy.internal.targetserver.AppDeployment.prepare(AppDeployment.java:141)
at weblogic.management.deploy.internal.DeploymentAdapter$1.doPrepare(DeploymentAdapter.java:39)
at weblogic.management.deploy.internal.DeploymentAdapter.prepare(DeploymentAdapter.java:191)
at weblogic.management.deploy.internal.AppTransition$1.transitionApp(AppTransition.java:21)
at weblogic.management.deploy.internal.ConfiguredDeployments.transitionApps(ConfiguredDeployments.java:240)
at weblogic.management.deploy.internal.ConfiguredDeployments.prepare(ConfiguredDeployments.java:165)
at weblogic.management.deploy.internal.ConfiguredDeployments.deploy(ConfiguredDeployments.java:122)
at weblogic.management.deploy.internal.DeploymentServerService.resume(DeploymentServerService.java:180)
at weblogic.management.deploy.internal.DeploymentServerService.start(DeploymentServerService.java:96)
at weblogic.t3.srvr.SubsystemRequest.run(SubsystemRequest.java:64)
at weblogic.work.ExecuteThread.execute(ExecuteThread.java:209)
at weblogic.work.ExecuteThread.run(ExecuteThread.java:178)
Caused By: oracle.mds.config.MDSConfigurationException: MDS-01330: unable to load MDS configuration document
MDS-01329: unable to load element "persistence-config"
MDS-01370: MetadataStore configuration for metadata-store-usage "soa-infra-store" is invalid.
ORA-04063: package body "DEV_MDS.MDS_INTERNAL_SHREDDED" has errors
ORA-06508: PL/SQL: could not find program unit being called: "DEV_MDS.MDS_INTERNAL_SHREDDED"
ORA-06512: at line 1

I have seen the same issue in the below link
http://svgonugu.wordpress.com/2011/07/13/soa-infra-issue/

I tried dropping and recreating the entire DEV_MDS schema by using RCU.bat
Still all 3 packages showing invalid state. because of following errors.

Database
Oracle Database is the recommended database for BPM Suite deployments. Note that Oracle Express Edition (XE) 10.2.0.1 does not meet the minimum version requirement for supported use, but will generally work in a personal development environment.If you want to use Oracle XE as your database, you have to set the RCU_JDBC_TRIM_BLOCKS environment variable to TRUE prior to running RCU. As a reminder as to support level, when running RCU against XE you will receive a warning stating that the database version is not supported by Oracle.

If RCU was executed without setting this RCU_JDBC_TRIM_BLOCKS(with XE DB) , please drop and recreate the schema.